Cofco International ICEA Securities has an 'accumulate' rating on Cofco on the back of strong demand in China for the company's core products including wines, edible oils and chocolate. The brokerage is upbeat on Cofco's earnings prospects in light of the company's increased production and expanding market share. ICEA expects Cofco's core earnings to record average annual growth of 18.6 per cent by 2005. It projects Cofco's earnings will be 26 HK cents a share this year and 32 cents next year. ICEA has a target price of $3.20 on the firm.

i-Cable Communications South China Research has issued a 'sell' call on i-Cable, citing lower average revenue per user from broadband subscribers and lower growth in the take-up of its cable-television service. The brokerage downgraded its earnings forecasts by 46 per cent to $220 million for this year, by 80 per cent to $103 million for next year and by 86 per cent to $21 million for 2005. South China said the launch of Television Broadcasts' Galaxy pay-TV service would erode i-Cable's market dominance. The firm projects i-Cable will lower its subscription rate to $198 a month this year and gradually fall to $168 a month by the middle of 2005. South China has a target price of $1.60 on the company.

Wharf (Holdings) Sun Hung Kai Research has upgraded its recommendation on Wharf to a 'buy' call, saying the counter's recent plunge has created a buying opportunity. The brokerage said the conglomerate's core earnings from its office and retail leasing business would remain stable. 'Property provisions are the swing factor. The bottom line hinges on whether provisions for property projects and other investments are necessary,' it said. Sun Hung Kai projected Wharf's earnings would rise to $1.26 a share this year and $1.27 next year. It has a target price of $16.10 on the company.